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Remedy Entertainment Oyj
Remuneration Information • Mar 13, 2025
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Remuneration Information
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REMEDY ENTERTAINMENT PLC
REMUNERATION REPORT 2024
REMEDY ENTERTAINMENT PLC: REMUNERATION REPORT FOR THE FINANCIAL YEAR 2024
1. Introduction
This is Remedy Entertainment Plc's (the "Company") Remuneration Report, which includes information on the remuneration paid to the Company's Board of Directors and Chief Executive Officer (the "CEO") during the financial year 2024.
This Remuneration Report will be presented to the Company's Annual General Meeting 2025, which will resolve on the approval of this Remuneration Report. The Annual General Meeting's resolution is an advisory decision.
The remuneration paid to the Board of Directors and CEO, as presented in this Remuneration Report, is based on the Company's Remuneration Policy approved by the Board of Directors. The Company's Remuneration Policy aims to promote the achievement of the Company's strategic objectives and the creation of shareholder value as well as to improve the Company's competitiveness and long-term financial performance.
The Company's Remuneration Policy and this Remuneration Report are available on the Company website at www.investors.remedygames.com/governance/remuneration/.
2. Development of the Board's and CEO's Remuneration
The tables below present how the remuneration of the Board of Directors and CEO has developed compared to the Company's employees' average salary and to the Company's financial performance in the five preceding financial years.
| EUR | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Chairman of the Board of Directors (salaries and fees paid for Board work)1) |
54,000 | 54,000 | - | 48,000 | 36,000 |
| Chairman of the Board of Directors (salaries and fees paid based on employment contract) |
97,530 | 101,040 | 97,744 | 101,040 | 98,240 |
| Member of the Board of Directors2) | 36,000 | 29,000 | 20,000 | 35,200 | 26,400 |
| CEO | 210,240 | 210,240 | 282,740 | 764,935 | 195,500 |
| Average salary of a Remedy employee3) | 63,907 | 63,822 | 60,103 | 67,862 | 64,808 |
1) Fee paid for Board chairman duties (in line with the Annual General Meeting's resolution).
2) Calculated by dividing the annual fees for Board work with the average number of Board members.
3) Calculated by dividing the total sum of salaries and fees for the financial year (excluding the CEO and Board of Directors)
by the average number of personnel during the financial year.
Paid salaries and fees 2020–2024 The Company's financial performance 2020–2024
| EUR | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 50.7 | 33.9 | 43.6 | 44.7 | 41.1 |
| Operating profit (EBIT) | -4.3 | -28.7 | -0.6 | 11.4 | 7.2 |
3. Remuneration paid to the Board of Directors during financial year 2024
The Company's Annual General Meeting, held on April 12, 2024, resolved that the members to be elected to the Board of Directors will be paid the following fees for their term of office:
- The Chairman of the Board of Directors is paid EUR 4,500 per month.
- Other members are paid EUR 3,000 per month.
Possible travel expenses are reimbursed in accordance with the principles of the Finnish Tax Administration concerning tax-exempt travel expenses. The fees paid to Board members during the financial year 2024 were in line with the Annual General Meeting's resolution. The fees paid are presented in the following table:
| Board member | Board remuneration paid in the financial year 2024 (EUR) |
|---|---|
| Markus Mäki (Chairman) | 54,000 |
| Jussi Laakkonen1) | 12,000 |
| Kaisa Salakka | 36,000 |
| Kai Tavakka2) | 24,000 |
| Sonja Ängeslevä | 36,000 |
| Henri Österlund | 36,000 |
| Total | 198,000 |
1) Board member until April 12, 2024. 2) Board member starting from April 12, 2024.
Board members do not participate in the Company's share-based incentive schemes, and they were not granted Company shares as fees in the financial year 2024.
In addition to serving as the Chairman of the Board of Directors, Markus Mäki served as the company's Chief Product Officer in 2024. The salary that Markus Mäki received from this position is not included in the Board remuneration presented in this Section. These fees are instead presented in Section 6.
4. Remuneration paid to the CEO during the financial year 2024
The Company's CEO's remuneration comprises a fixed salary as well as short and long-term incentive programs. In the financial year 2024, the total remuneration paid to the Company's CEO Tero Virtala amounted to EUR 210,240. Out of this remuneration, 72% was fixed. The table below presents the salaries and fees paid to the CEO in the financial year 2024.
| Paid salaries and fees in 2024 (EUR) | |
|---|---|
| Basic salary1) | 210,240 |
| Short-term incentive bonuses2) | - |
| Long-term incentive rewards3) | 79,820 |
| Paid salaries and fees in total | 290,060 |
1) The fixed salary comprises monthly basic salary including taxable benefits.
2) The CEO's short-term incentive is a cash-based bonus program based on which a potential bonus is paid to the CEO once a year. 3) The Company's long-term incentive programs comprise option plans for the Company's key personnel, including the CEO. Options granted during the year have been measured at value defined by IFRS 2. For further information on the Company's option plans, see "5. Further information on the CEO's option rights".
In the financial year 2024, no supplementary pension benefits were paid to Tero Virtala.
5. Further information on the CEO's option rights
On December 31, 2024, the Company had six active option plans for its key personnel, including the CEO. Option Plan 2018 ended during the financial year. By December 31, 2024, Tero Virtala had been granted options from these option plans as follows:
| Number of allocated | Number of unexercised option rights |
|
|---|---|---|
| Option plan | option rights | on December 31, 2024 |
| Option Plan 2018 | 15,000 | - |
| Option Plan 2019 | 20,000 | 20,000 |
| Option Plan 2020 | 10,000 | 10,000 |
| Option Plan 2021 | 12,000 | 12,000 |
| Option Plan 2022 | 15,000 | 15,000 |
| Option Plan 2023 | 12,000 | 12,000 |
| Option Plan 2024 | 13,000 | 13,000 |
| Option plan | Share subscription period | Share subscription price (EUR) |
|---|---|---|
| Option Plan 2018 | June 1, 2021 – May 31, 2024 | 7.02 |
| Option Plan 2019 | June 1, 2022 – May 31, 2025 | 9.23 |
| Option Plan 2020 | June 1, 2023 – May 31, 2026 | 22.21 |
| Option Plan 2021 | June 1, 2024 – May 31, 2027 | 47.09 |
| Option Plan 2022 | June 1, 2025 – May 31, 2028 | 26.64 |
| Option Plan 2023 | June 1, 2026 – May 31, 2029 | 27.31 |
| Option Plan 2024 | June 1, 2027 – May 31, 2030 | 19.76 |
In the financial year 2024, Tero Virtala did not exercise or sell any options held by him.
6. Remuneration paid to the Chairman of the Board of Directors during the financial year 2024, salaries and fees paid based on employment
In addition to serving as the Chairman of the Board of Directors, Markus Mäki serves as the company's Chief Product Officer. Markus Mäki's remuneration as Chief Product Officer consisted of a fixed basic salary. In 2024, Markus Mäki did not participate in the Company's short or long-term incentive programs. The total remuneration paid to Markus Mäki based on his employment was EUR 92,490.08. The table below presents the salaries and fees paid to Markus Mäki based on his employment in the financial year 2024.
| Paid salaries and fees in 2024 (EUR) | |
|---|---|
| Basic salary1) | 92,490.08 |
| Short-term incentive bonuses2) | In 2024, Markus Mäki did not participate in the Company's short-term incentive programs |
| Long-term incentive rewards3) | In 2024, Markus Mäki did not participate in the Company's long-term incentive programs |
| Paid salaries and fees total | 92,490.08 |
1) The fixed salary comprises monthly basic salary including taxable benefits.
2) The Company's short-term incentive is a cash-based bonus program.
3) The Company's long-term incentive programs comprise option plans for the Company's key personnel.
In the financial year 2024, no supplementary pension benefits were paid to Markus Mäki.
Remedy Entertainment Plc Luomanportti 3 02200 Espoo Finland